Thailand’s leading chicken exporter, Charoen Pokphand (CP) Foods, has reported a better-than-expected 121% rise in quarterly net profit, boosted by greater sales and higher prices.
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The company reported third-quarter net profit of 1.5bn baht (US$37.6m), compared to 680m baht a year-earlier. Analysts had forecast net profit of 1.3-1.4bn baht.
CP Foods said sales increased 20%, mainly due to stronger exports, and that average meat prices were higher than in the year-ago period.
One analyst said CP Foods had benefited from a 24% rise in the third-quarter export price of frozen chicken, driven by increased demand abroad, particularly in Europe where an estimated one million chickens died in a summer heat wave, reported Reuters.
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